Auditing

Auditing

The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.

Industry: Accounting

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Auditing

Lessor's interest

Accounting; Auditing

Present value (PV) of the future income from a lease plus the present value of the leased asset's value at the end of the lease term.

A budget in which the individual financial statement items are grouped by cost centres or departments. It shows the comparison between the financial data for the past accounting or budgeting periods ...

Line item

Accounting; Auditing

A unit of information in a document, record, or statement, shown on a separate line of its own. Line items often refers to a budget element that is separately identified.

Liquid asset

Accounting; Auditing

An asset that can be converted into cash in a short time, with little or no loss in value. Liquid assets include items such as accounts receivable, demand and time deposits, gilt edged securities. ...

Limited audit

Accounting; Auditing

Audit having a narrower scope than a full audit (see audit scope). Limited audit is usually (1) confined to certain accounts or operations, (2) is for a period less than one year, or (3) restricted ...

Liquidate

Accounting; Auditing

1. To convert into cash by sale. 2. To settle an obligation by payment or adjustment. 3. To determine, by agreement or litigation, the amount of damages to be paid.